Five Below is popular among shoppers for selling items at five dollars or less (hence the name). Now the retailer is raising prices on certain items up to double the cost.
The discount will now feature items up to $10 each. This will include things like tech items, toys and games. All of the higher-priced products will be featured in a separate section of the store in order to make the price difference more evident to shoppers.
In a statement shared to followers on Facebook, Five Below explains that the price hike is due to cost increases. “We raised prices above $5 on tech items. We’re calling this ‘Ten Below Tech,'” the post read. “We also introduced a handful of $6 to $10 toys and games for the holidays.”
So what about the store’s name? Can it still be called Five Below even if it’s more like Ten Below? The company also addressed this, confirming that it will keep the same name since the majority of its inventory will still remain below five dollars.
—Shahrzad Warkentin
Featured photo: Mike Mozart via Flickr
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